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(626) 893-2817
Gilbert Garcia
5918 Genoa St, Oakland, CA 94608
- $1,950,000
- List Price
- $1,950,000
- Status
- ACTIVE
- MLS#
- 41151546
- Year Built
- 1930
- Lot Size
- 5,200
- Acres
- 0.12
- Lot Location
- Street Level
- Days on Market
- 2
- Property Type
- Multifamily
- Neighborhood
- North Oakland
Property Description
5918 Genoa Street offers 22.6% rental upside on a building where the heavy capital work is already done. Ownership has invested $282,822 in unit renovations, soft-story retrofit, sewer lateral, sidewalk, and laundry. Eight of 12 units are renovated, and the property is 100% occupied. In-place rents average $1,428 against a $1,750 market rent. The building’s own renovated leases support that market figure, with five units at $1,632–$1,730. Four units below $1,300 account for roughly three-quarters of the loss-to-lease. That gives a buyer a defined, unit-by-unit path to the $153,000 pro forma NOI as those units turn over. The 1930 building totals 6,072 SF on 0.12 acres, with an average unit size of 506 SF and three covered parking spaces. In-place: $109,543 NOI, 5.62% cap rate, 9.48 GRM. Pro forma at market rents: $153,000 NOI, 7.85% cap rate, 7.74 GRM.
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Additional Information
- Taxes
- $35,665
- Appliances
- Gas Water Heater, Dryer, Washer
- Heat
- Natural Gas, Wall Furnace
- Cooling
- Yes
- Cooling Description
- None
- Exterior Construction
- Stucco, Wood Siding
- Roof
- Composition
- Attached Structure
- Detached
- Number Of Units Total
- 12
- Gross Scheduled Income
- $205,735
Listing courtesy of Listing Agent: Joseph Owens (joe.owens@marcusmillichap.com) from Listing Office: Marcus & Millichap.
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.